Africa Energy Bank targets mid-year launch with South Africa indicating interest
The proposed Africa Energy Bank, which aims to fund oil and gas projects across the continent, is set to start operations by mid-year this year, with South Africa also indicating interest to join, an Afreximbank official said.
The bank, a partnership between Afreximbank and the African Petroleum Producers Organization (APPO), is meant to help plug a funding gap in Africa amid pressure on major banks from environmental groups to shift investment dollars away from climate-warming oil and gas projects.
"We are in the capital raising phase. A number of countries have already put in the money, (so) we're talking to a number of countries to bring in the capital so that we can start trading," Afreximbank senior executive vice president Denys Denya said.
"Definitely we'll start trading this year. We're hoping that we can start trading before the half-year stage," he told Reuters on Monday on the sidelines of Africa's annual Mining Indaba in Cape Town, referring to the bank starting operations.
Afreximbank is not yet disclosing funding commitments from the countries joining the bank.
The bank will be headquartered in Nigeria with an initial capitalization of up to $5-billion, offering tailored funding solutions to meet Africa's energy needs.
Denya said that in addition to Angola, Egypt, Nigeria and Ghana, there were countries - including South Africa - that were not members of APPO that had indicated interest to be part of the bank.
The Department of Mineral Resources' Director General Jacob Mbele confirmed to Reuters that South Africa was interested and had asked the bank for the prospectus before committing to a funding figure.
Comments
Research Reports
Projects
Latest News
Showroom
Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers
VISIT SHOWROOM
For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
